Dues Cleared, Investment Confidence Returns to Egypt's Oil and Gas Sector

Petroleum Minister Karim Badawi said that clearing partners' outstanding dues has marked a turning point for boosting investment and production in Egypt's oil and gas sector.

The minister stated this during a meeting with international and Egyptian oil companies that are partners in Egypt's oil and gas exploration, production, and development activities. The meeting was attended by senior officials from the Ministry of Petroleum and Mineral Resources, the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS) and the South Valley Egyptian Petroleum Holding Company (GANOPE).

Badawi said that the commitment of oil and gas partners to continue their operations in Egypt demonstrates their confidence in the country's position as a safe, stable, and attractive investment destination. He also noted that addressing the challenge of accumulated dues was not easy but that it has now been fully cleared in line with the government's targeted timetable.

The minister emphasized that the incentive measures introduced by the government have helped rebuild investor confidence, resulting in increased drilling, exploration, and production activities over the past two years. This has curbed the natural decline in gas production that began in 2021 and maintained current output levels.